HomeMy WebLinkAboutContract CAG-19-299
CITY OF RENTON
PUBLIC WORKS PROJECT-RETAINED PERCENTAGE ESCROW AGREEMENT
Escrow No. coal (0 3 I (o3 q
Contract No.CAG-19-196
Estimated Completion Date: bit. is 11`0t
City of Renton
1055 South Grady Way
Renton,WA 98057 11
Contractor: KIjvje. t ASsoc.iaies, 1ege_
Address: a4q06 ccJJAl 3''d PI
5a»1076,4iPsh WA 48'07u - 3(l.7`1
Project Title: kV-n-6NA 6 AJ /1'i 'hi'al ' / fi/e,S�
The Contractor's Federal Income ax Identification number is Z} �/
f/r
TO: Escrow Bank or Trust Co:
(A)c in.l it1,3 tp ,Je l 50404
This Escrow Agreement is for the investment of retained percentages of the above contract in accordance
with RCW 60.28.011,60.28.021 and 60.29.051.
The undersigned, Kiivvie A33aciaje4, Li' ., herein referred to as the Contractor, has directed
the City of Renton, Washington to deliver to you its warrants, checks or drafts which shall be payable to
you and the Contractor jointly. Such warrants, checks or drafts are to be held and disposed of by you in
accordance with the following instructions and upon the terms and conditions hereinafter set forth.
INSTRUCTIONS
1. Warrants, checks or drafts made payable to you and the Contractor jointly upon delivery to you
shall be endorsed by you and forwarded for collection. The moneys shall be deposited as follows
(Contractor to select one—if none is selected the choice is A.)
A. In an interest bearing account not subject to withdrawal until after the final acceptance
of sai project, improvement or work is completed or until agreed to by both parties.
or
B. The moneys will then be used by you to purchase, as directed by the Contractor, bonds
or other securities chosen by the Contractor and approved by the City of Renton
Attached is a list of such bonds, or other securities approved by the City of Renton. Other bonds or
securities, except stocks may be selected by the Contractor, subject to express written approval of the
City of Renton. Purchase of such bonds or other securities shall be in a form which shall allow you alone
to reconvert such bonds or other securities into money if you are required to do so by the City of Renton
as provided in paragraph 4 of this Escrow Agreement.
The investments selected by the Contractor,approved by the Agency and purchased by you must mature
on or prior to the date set for the completion of the contract. Including extensions thereof or thirty days
following the final acceptance of said improvement or work.
RETAINED PERCENTAGE ESCROW AGREEMENT Page 1 of 3
2. The interest on the account shall be paid to the Contractor.When and as interest on the securities
held by you pursuant to this agreement accrues and is paid, you shall collect such interest and forward it
to the Contractor at its address designated below unless otherwise directed by the Contractor.
3, You are not authorized to deliver to the Contractor all or any part of the funds held by you
pursuant to this Escrow Agreement except in accordance with written instructions from the City of
Renton. Compliance with such instructions shall relieve you of any further liability related thereto.
4. In the event the City of Renton orders you to do so in writing,you shall,within thirty-five(35)days
of receipt of such order, reconvert into money the securities held by you pursuant to this Agreement and
return such money together with any other moneys held by you hereunder,to the City of Renton. Written
release will be issued by the Finance Administrator. For further information contact the Finance
Administrator at 425-430-6887.
5. The Contractor agrees to pay you as compensation for your services hereunder as follows:
Payment of all fees shall be the sole responsibility of the Contractor and shall not be
deducted from any property placed with you pursuant to this Agreement until and unless the City
of Renton directs the release to the Contractor of the securities and moneys held hereunder
whereupon you shall be granted a first lien upon such property released and shall be entitled to
reimburse yourself from such property for the entire amount of your fees as provided for herein
above. In the event that you are made a party to any litigation with respect to the property held
by you hereunder, or in the event that the conditions of this escrow are not promptly fulfilled or
that you are required to render any service not provided for in these instructions, or that there is
any assignment of the interests of this escrow or any modifications hereof, you shall be entitled
to reasonable compensation for such extraordinary services from the Contractor and
reimbursement from the Contractor for all costs and expenses, including attorneys fees
occasioned by such default,delay, controversy or litigation.
6. This Escrow Agreement shall not be binding until executed by the Contractor and the
City of Renton and accepted by you.
)
7. This instrument contains the entire agreement between you, the Contractor and the City of
Renton with respect to this escrow and you are not a party to nor bound by any instrument or agreement
other than this; you shall not be required to take notice of any default or any other matter nor be bound
by nor required to give notice or demand, nor required to take any action whatever except as herein
expressly provided; you shall not be liable for anynot caused loss or damage g by your own negligence or
willful misconduct.
8. The foregoing provisions shall be binding upon the assigns, successors, personal representatives
and heirs of the parties hereto.
Signatures on next page:
fi
RETAINED PERCENTAGE ESCROW AGREEMENT Page 2 of 3
F
The undersigned have read and hereby approve the instructions as given above governing the
administration of this escrow and do hereby execute this Escrow Agreement on this
day of 0a 'bel,'20 4i1 .
CITY OF RENTON CONSULTANT
y: By: 1�� 1
Denis Law Duane Kl rrge
Mayor Principal
ID/1 ?:161
Date Date
Attes ���,++tt,tlttti",/,
01a nA. Set = *_ ,
C. Clerk ` 4 I
Approved as to Legal Form
,
By: 00041..04e
Shane Moloney
City Attorney
The above escrow instructions received and accepted this "day of (Dc- e,20!C(
ESCROW BANK OR TRUST CO:
Signature
Title: Pe/''ortcA.-I bet. ej'
Securities Authorized by City of Renton-Select only one:
1. Bills, certificates, notes or bonds of the United States;
2. Other obligations of the United States or its agencies;
3.Obligations of any corporation wholly-owned by the government of the United States;
4. Indebtedness of the Federal National Mortgage Association; and
5, Time deposits in commercial banks.
PLEASE RETURN THIS SIGNED AGREEMENT TO:
City of Renton
Attn: Michael Nolan
1055 South Grady Way
Renton,WA 98057
RETAINED PERCENTAGE ESCROW AGREEMENT Page 3 of 3
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Chloe Luddy
Personal Banker
16900 Redmond Way • Redmond WA 98052
o:425-883-4700 • f425-867-9629
NMLSR#1686509
chloe.luddy@wafd.com
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